Santa Clara County Biographies
This file is part of the California Genealogy & History Archives
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E. McLAUGHLIN
The San Jose Safe Deposit Bank of Savings first opened its doors for
business on the first day of May, 1885, as an incorporated institution under the
laws of California, in the Safe Deposit Block, on the southeast corner of Santa
Clara and First Streets, with Mr. E. McLaughlin as manager. On May 4, 1869, Mr.
E. McLaughlin and C. T. Ryland established a private banking house in a building
previously erected for the purpose by Mr. McLaughlin, on Santa Clara Street,
between First and Second Streets. Mr. McLaughlin had intended to open the bank
himself, but the partnership was formed with Mr. Ryland before he was ready to
start. In 1872 the firm erected the Safe Deposit Block, which it moved into and
occupied until their business was merged into the Commercial Savings Bank, two
years later. The Commercial Savings Bank was organized as a joint-stock
company, with Messrs. E. McLaughlin, C. T. Ryland, and Martin Murphy as
stockholders, and opened for business May 13, 1874, with E. McLaughlin as active
manager. It leased the banking rooms in the Safe Deposit Block, and occupied
them until it moved to the opposite corner, in 1886. In January, 1883, Mr.
McLaughlin disposed of his interest in the bank and retired from its management.
In February of the same year he purchased Mr. Ryland�s interest in the Safe
Deposit Block. Ever since it was opened, the Safe Deposit Bank has been under
the official control of Mr. McLaughlin as manager, with M. Malarin as president,
and John E. Auzerais as cashier. Its elegant banking rooms are equipped with
one of the largest and best safety deposit vaults on the Pacific Coast, or in
the whole country. It is thirty-one feet long, twelve feet four inches broad;
is fitted up with small safety vaults for private individuals; has double doors
with time-locks, and is both fire and burglar proof. The bank does both a
commercial and savings business. It keeps its own accounts with New York and
London, and has its own independent connections with business in those cities,
as well as with San Francisco. The paid up capital of the bank is $300,000,
with a reserve fund of $75,000, and a nominal capital of $1,000,000. It pays
interest on deposits.
E. McLaughlin is a native of the Keystone State, born in
Philadelphia in 1829. His early life was chiefly passed in New Orleans. He
came to California during the gold excitement, and embarked in the hardware
business in Nevada County in 1852. In 1866 he sold out and spent a year in
Europe, and on returning, came to San Jose in 1868, with the intention of
retiring from active business. But not feeling contented to be idle, he decided
to engaged in banking, and erected the building for that purpose before
mentioned. He still is interested in the hardware business in Los Angeles. The
Safe Deposit Block (which he sold to the bank for $200,000) is one of the finest
business blocks in interior California. It is three stories in height and
beautiful in architectural design, having a frontage of one hundred and
twenty-six and one-half feet on First Street, seventy feet on Santa Clara, and
one hundred and thirty-eight feet on Fountain Street. Besides the splendid
banking-rooms, there are several stores on the first floor. The other stories
are used for offices.
Pen Pictures From The Garden of the World or Santa Clara County, California,
Illustrated. - Edited by H. S. Foote.- Chicago: The Lewis Publishing Company,
1888.
Pg. 192
Transcribed by Kathy Sedler